Senegal has approved TSX-listed Teranga Gold’s $430-million acquisition of the Massawa mine from gold major Barrick Gold.
The Senegal approvals also include a formal consent to Teranga’s plans to integrate Massawa into its existing Sabodala gold mine, as well as a formal waiver by the government of Senegal of its equity participation right to elect, on its behalf or on behalf of the private sector, to purchase up to an additional 25% of Massawa at market value.